Despite Global Economic Uncertainties, Singapore Property Market Maintains Momentum
The Singapore property market demonstrated remarkable resilience in the first quarter of 2025, continuing its upward trajectory despite numerous global economic challenges. According to the latest PropNex Research Residential Property Report, private home prices inched up by 0.6% quarter-on-quarter (QoQ), marking the second consecutive quarter of growth, albeit at a slower pace compared to the 2.3% increase recorded in Q4 2024.
This measured growth comes when international markets are increasingly jittery due to potential trade tensions between major economies. The report highlights that market uncertainties increased substantially in April 2025 following the announcement of sweeping tariffs on goods entering the US and retaliatory measures from China. These developments have sent shockwaves through global stock markets and could impact Singapore’s property landscape in the coming months.
Nevertheless, the opening months of 2025 have shown that buyer confidence remains relatively strong, with significant activity observed across various segments of the Singapore property market. The private residential sector, in particular, has been buoyed by several successful new launches that have captivated buyers despite premium pricing.
New Launches Drive Primary Market Sales
The primary market was the star performer in Q1 2025, with developers selling an estimated 3,379 new private homes (excluding Executive Condominiums) before the end of March. This figure nearly matched the 3,420 new units sold in the previous quarter, suggesting sustained demand across investors despite economic headwinds.
The Outside Central Region (OCR) dominated new home sales, accounting for approximately 66% of transactions and selling over 2,233 units. This impressive performance puts OCR’s new home sales volume on track to achieve the region’s highest quarterly developers’ sales in more than a decade—a feat not seen in over ten years, when 2,760 new OCR units were sold in Q2 2013.
Parktown Residence emerged as the top-selling project in Q1, moving an impressive 1,059 units at an average price of $2,370 per square foot (psf). Other notable performers include The Orie in the Rest of Central Region (RCR), which sold 690 out of 777 units at an average price of $2,732 psf, and Lentor Central Residences, also in the RCR, which sold 459 units at an average price of $2,219 psf.
Market observers note that the strong sales performance of these projects highlights the ongoing demand for well-located properties with attractive price points, particularly in comparison to their respective submarkets. Despite broader economic concerns, it also reflects buyers’ confidence in the long-term fundamentals of the Singapore property market, perhaps due to the nation’s long-running economic stability amidst global change.
Segmental Performance: Landed Homes Make a Comeback
In the landed homes segment, prices grew by 0.6% QoQ in Q1 2025, reversing the marginal 0.1% QoQ decline observed in the previous quarter. This marks the first quarterly gain for landed homes sales following two consecutive quarters of decline, signalling renewed interest in this premium segment of the Singapore property market.
The uptick in landed home prices is particularly noteworthy given that fewer landed homes were transacted during the quarter. URA Realis caveat data shows 443 landed home transactions in Q1 2025 (up to March 30), representing a 13% decrease from the 508 deals recorded in Q4 2024.
Among the subcategories of landed properties, detached homes saw the most significant price appreciation, with average unit prices rising by an impressive 19.2% QoQ to $1,910 psf on land. Semi-detached and terrace houses also registered modest price increases of 1.3% QoQ and 1.9% QoQ, reaching average unit prices of $1,796 psf and $1,973 psf on land, respectively.
The Resale Market: Moderation Amid New Launches
While the primary market flourished, the resale segment experienced moderate sales activity in the first quarter of 2025. Approximately 3,158 units changed hands in the resale market up to March 30, representing a 14.7% decrease from the 3,702 units resold in the fourth quarter of 2024. This decline suggests that some buying interest may have shifted toward the new launches that dominated this latest quarter.
The top-selling resale condominium during this period was Treasure at Tampines, which saw 46 units change hands at an average price of $1,729 per square foot. Meanwhile, sub-sales volumes declined by 23% QoQ to about 240 units, down from 311 transactions recorded in Q4 2024.
According to URA REALIS data, the Singapore property market saw approximately 6,777 private home transactions (including new sales and resales) in Q1 2025.
